JV to build and manage a new petrochemical import terminal in Tianjin

Orlando, Florida, US-based Merletti Partners International has formed an alliance with Hong Kong firm Rose Rock Infrastructure. The latter, through its joint venture with Hongfa Investment, will build and manage a new petrochemical import terminal in Tianjin, China - the fifth busiest port in the world at an investment of US$256 mln. Merletti will be in charge of all project-related security and will manage ongoing security needs upon commencement of operations. This is the first time a western company has purchased a stake in a Chinese petrochemical port. Development on the site is scheduled to take two years to complete, in which time two 10,000 ton chemical berths will be built. The terminal storage should store about 800,000m³ once completed and will hold mainly fuel oil, marine oil, petrol, diesel and benzene.
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